Geokinetics Announces $370 Million in New Project Awards (GOK)

Geokinetics, Inc. GOK today announced that since January 1, 2011 it has been awarded several new projects that, in aggregate, total approximately $370 million in revenue for work in Latin America, Australia, Canada, the Far East and the United States. Richard F. Miles, President and Chief Executive Officer, stated, "We are pleased to have been awarded this degree of work over the past few months. The nature of these projects spans across our entire suite of product offerings.  Our international customers are beginning to direct additional capital towards seismic exploration and our domestic customers continue to deploy capital into the various resource plays in an effort to maximize future production while minimizing well costs.  The sheer magnitude of the bids we currently have outstanding, combined with the number of inquiries we continue to receive, gives us confidence that we will secure our fair share of additional work over the next several months."